The link between financial and physical health is more intensely related than what you may ever think. Did you know that your financial fitness can have a direct impact on your health and similarly your health can also have a direct effect on your financial fitness? As per reports from the Financial Health Institute, three-quarters of the population in the US report that their finances are their main reasons for stress. The total amount of savings that you’ve accumulated, the costs of college tuition, how much you’re setting aside for retirement and your health care costs can all constitute financial stress.
These reasons for stress would lead to negative impacts like anxiety, depression, high blood pressure, migraines, anxiety, heart disease and stomach ulcers. If this leads to unhealthy behaviors like smoking, drinking can lead to more stress.
How about building a fiscally savvy workforce
Although there are several corporate wellness programs which concentrate on prevention and management of chronic diseases, stress management and enhancing physical fitness, yet they often tend to overlook a vital aspect of a person’s overall health, which is financial wellness. Nevertheless, as more and more employers begin to realize the strong connection between wealth and health, they have started taking steps to imbibe financial education within their different benefit programs.
In fact, as per a report released by the Consumer Financial Protection Bureau, it was found out that all those employers who work to offer worthy financial wellness programs for their employees could reduce the financial stress of the employees, boost overall financial health and productivity. What do you mean by worthy and effective financial wellness programs? Well, they are actually those which support the financial picture and the complete financial health of a person and take a look at how a person’s personal financial life can fit in.
Cost barriers are being removed by employers
As the employers have started offering this education at their workplaces, the cost barrier has been removed as this is being considered as a benefit paid by the employer rather than an expense that goes out of the employee’s pockets. Due to the fact that it is something that is being promoted within the workplace, there isn’t any sense in taking off time from the employer to boost financial wellness and build wealth.
It can’t be denied that financial education is often tied to few major challenges of life like health insurance and retirement. A Financial Finesse manager, Danielle Encincas reported the way in which her company witnessed how employees are getting concerned about retirement and are not too certain about their ability to retire comfortably. Since the employees are asked to bear a large portion of the health coverage that has been sponsored by the employer through high deductibles and co-payments, it decreases their capability to save for retirement and this has a detrimental impact on their power to retire as per their planning.
This is why employees should keep a tab on their financial vulnerabilities which could be inadequate life insurance or insufficient college savings or maybe they aren’t retirement-ready as they thought they could be.
Therefore, as more and more employers identify the direct relation between health and wealth of their employees, they are taking the required steps to be of their help.